ENERGY giants have raked in more than £125 billion in profits from their operations in Britain since the fuel crisis began, new analysis of company reports revealed today.

About £40bn of that has been made in just the last two years by 27 firms, even as industry lobbyists continue to push for the windfall tax to be scrapped in the upcoming Budget.

Researchers for the End Fuel Poverty Coalition examined declared profits from major energy producers such as Equinor, Shell and RWE, as well as companies that run Britain’s grids, including National Grid and UK Power Networks and suppliers such as British Gas.

Globally, these firms have generated more than half a trillion pounds in profit since 2020.

Over four-fifths — or £466bn — came from companies heavily involved in the gas sector.

This is despite official figures showing that domestic gas will not be able to meet heating demand by 2027 and that only 14 per cent of remaining North Sea reserves are commercially viable.

The analysis also found that £50bn of profits over five years came from electricity and gas transmission and distribution firms.

These network costs, which pay for the pipes and wires that keep the system running, are largely recovered through standing charges on households.

Coalition co-ordinator Simon Francis said the figures amount to “£878 per household, per year in profit,” while annual bills have jumped from £1,042 in 2020 to £1,755 today.

“Even after the temporary windfall tax, oil and gas giants have benefited from exceptional earnings driven by global price spikes, which stands in stark contrast to record energy debt and record levels of fuel poverty,” he said.

“The Chancellor must resist pressure to provide a tax cut to the energy industry in the Budget and ensure that the system captures excess industry profits fairly and directs revenues to protect vulnerable households and improve the energy efficiency of the nation’s coldest homes.”

Uplift deputy director Robert Palmer called the profits “scandalous,” adding that they were not helping energy workers in Britain but “going to overseas shareholders.”

Tax Justice UK executive director Faiza Shaheen said cutting the windfall tax would show the government siding with “profiteers rather than the public,” and called for tougher taxation of energy companies and big polluters.